McDermott Provides Update on Asset Sale Process

HOUSTON, July 1, 2019 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) today provided an update on its asset sale process.

The company has completed the sale of Alloy Piping Products (APP), the distribution and manufacturing arm of its U.S. pipe fabrication business. APP maintains, distributes and manufactures an extensive inventory of commodity fittings and specialty piping components.

McDermott continues to pursue a sale of the remaining portion of the U.S. pipe fabrication business, with an objective of concluding a transaction by the end of the third quarter of 2019.

The company aims to complete the sale of the storage tank business by the end of the third quarter of 2019.

About McDermott 

McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry. For more than a century, customers have trusted McDermott to design and build end-to-end infrastructure and technology solutions to transport and transform oil and gas into the products the world needs today. Our proprietary technologies, integrated expertise and comprehensive solutions deliver certainty, innovation and added value to energy projects around the world. Customers rely on McDermott to deliver certainty to the most complex projects, from concept to commissioning. It is called the "One McDermott Way." Operating in over 54 countries, McDermott's locally focused and globally-integrated resources include approximately 32,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

Contacts:

Investor Relations

Scott Lamb

Vice President, Investor Relations

+1 832-513-1068

Scott.Lamb@McDermott.com

Global Media Relations

Gentry Brann

Senior Vice President, Communications, Marketing and Administration

+1 281-870-5269

Gentry.Brann@McDermott.com

Web Site: https://www.mcdermott.com

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